Form GSTR 3B – Calculation of interest on delayed filing
1. In view of the outbreak of Covid-19, the Government has come up with few Notifications on 24 th June 2020, for extending the various due dates for filing GSTR -3B return. CBIC vide Circular No. 141/11/2020- GST dated 24th June 2020 has clarified the manner of calculation of interest for delay in filing of GSTR 3B. 2. In this article, an attempt has been made to further clarify the manner of calculation with the help of illustrations. 3. Illustration No 1 : Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY Mr A has a tax liability of Rs 1, 00,000 every month from Feb 2020 to July 2020 and he will file GSTR 3B on 30th September 2020. The interest payable for delayed filing of GSTR 3B will be calculated in the following manner:- 1a Specified Date 24th June 2020 ( Refer Note 1) 1b Date of filing GSTR 3B 30th September 2020 1c Tax Liability Rs 1,00,000 2a Tax Period Feb 2020 Mar 2020 April 2020 May 2020 Jun 2020 Jul 2020 2b Due Dates 20th Mar 2020 20th Apr 2020 20